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If you're opening an online retail store, and you want to accept credit & debit cards, you'll need to have an internet merchant account. The best solution for you will depend on a number of factors, including whether you've already got a merchant account with an aquiring bank.

The Basics

To help you understand which solution is best for you, let us explain how internet card transactions work. In a standard, bricks & mortar retail environment, a bank will usually provide your merchant account. They'll also rent you the chip & pin terminal to accept payments in your store. Internet payments work slightly differently. Instead of a chip & pin machine, you need a payment processing solution in addition to your merchant account.

Option One - All-In-One Internet Merchant Accounts

For new businesses looking to launch online, it's possible to find an all-in-one, internet merchant account plus payment processing package. If you don't want to get a merchant account with your bank, or you're not happy with the option they offer, these solutions can be the ideal choice. They can, however, work out more expensive in the long term - through slightly higher transaction fees. You'll also normally be asked to pay a setup fee.

Providers Include
WorldPay
NetBanx

Option Two - Standalone Payment Processing Solutions

For businesses who have or are starting a merchant account with their bank, there are dedicated payment processing solutions available. There are a number of options available, some independant, and some provided by major UK banks. Using seperate internet payment processing & merchant accounts can work out less costly in the long run, as fees can generally be lower than all-in-one solutions. Many of these solutions also have no setup fee, as you will have already paid that to your bank for the merchant account.

Providers Include
Protx
SECPay

Option Three - PayPal et al

As a new startup on a tight budget, the cost of setting up merchant accounts & payment processing may seem an unnecessary burdon. You may wish to 'test the water' by using a payment solution with no financial commitment on your part. These solutions will still allow you to accept card payments, but fees are generally higher than the other two options. Providers of this type of solution include PayPal, NoChex & Google Checkout. As these payment methods are widely used, it's also beneficial to offer them to your customers as an alternative option when using a fully fledged internet merchant account - you may even attract extra orders as a result.

Providers Include
PayPal
Google Checkout

Virtual Terminals

An advantage of using one of the first two options*, especially for new businesses, is the fact they provide Virtual Card Terminals. Designed for 'card not present' transactions, they allow you to manually enter a customer's card details on a secure webpage. This means you can process payments for telephone & mail order transactions, without worrying about storing a customer's sensitive card data yourself. *note PayPal now also provide a virtual terminal service for £20/month.

Find Out More

If you need to know about accepting card payments online, or integrating your current payment provider into your website, please don't get in touch using our contact form. If you'd like an estimate, please use our online quote form.You can also call us with any queries on 01268 768 447 between 9am & 5pm, Monday to Friday.